ECONOMICS G20 SUMMIT COMMUNIQUE NOVEMBER 16, 2014 BY JC COLLINS“The G20 must be at the forefront in helping to address key global economic challenges. Global economic institutions need to be effective and representative, and to reflect the changing world economy. We welcome the increased representation of emerging economies on the FSB and other actions to maintain its effectiveness. We are committed to maintaining a strong, quota-based and adequately resourced International Monetary Fund (IMF). ~~~

We reaffirm our commitment in St Petersburg and in this light we are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed in 2010 and the 15th General Review of Quotas, including a new quota formula.

The implementation of the 2010 reforms remains our highest priority for the IMF and we urge the United States to ratify them. If this does not happen by year-end, we ask the IMF to build on its existing work and stand ready with options for next steps.” Refer to the post Renminbi 人民币 and the Alternative IMF Reformsto understand what these “next steps” may entail. Also see this China Daily article for confirmation of BRICS intentions to continue working within the IMF structure. Full G20 Brisbane Summit Communique can be read here.